Week in Review May 19-23

The purposes of weekly review are:
1. Review any major market development and current conditions;
2. Exam my trading activities in terms of discipline, rule following and state of mind;
3. Set goals of improving discipline, patience and skill development.

My biggest mistake this week was didn't exit the wheat $660 scalp I entered the week before after I realized it was a undisciplined, poorly analyzed trade. The position was showing profit after I added a 2X cost average up in the first few days of the week. I became greedy and wanted more profit or even let it expire worthless. My rule is clear on correcting onerousness orders which is exit as soon as possible. But I didn't do it despite my writing in my daily journals. The result is one exit on B/E and two assignment at a loss.

My 2nd mistake is related to the first one but goes to the end of how to exit with risk control. I didn't have a plan for worst case scenario on the expiration day. I expected wheat would bounce and planed to sell on the bounce. I didn't have a plan for what if it won't bounce. The result was I was chasing to get filled in the last few min before closing.

Next week, my goals are:
1. Identify commodity trends and trade with the trend.
2. Be patience. watch for key levels and wait for the price come to the levels before trading it.
3. Correct any erroneous trade immediately.